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Three partners formed a general partnership without a written agreement. One contributed 70 percent of the startup cash, another contributed 30 percent, and the third contributed only services. They did not discuss profits or losses. At year-end, the business had a profit.
How are profits and losses allocated under default rules?

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Profits are shared equally, and losses generally follow the profit-sharing ratio unless agreed otherwise. Profits are shared equally, but losses are never shared by partners. No partner receives profits unless the partnership agreement is written. The partner who manages daily operations receives all profits unless the agreement says otherwise.

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